1702 Viewmont

HW+ row of houses

Much has been written about the decline in the numbers of active real estate appraisers creating a chokepoint in the mortgage process. But another talent crunch has been brewing at the same time in the title industry. It’s a similar story that we’ve seen play out with appraisers — the title and escrow industry is aging out and attracting new talent has been a challenge.

As we move into 2022, this challenge will not see an immediate solution, but the problem will get solved, in time, and here’s how. First, we have to start simple. How do we solve the problem of attracting new entrants? The solution lies in embracing technology to address this growing gap in title and escrow hires.

If you look around the title insurance industry, there’s a decade gap in the ages of the industry’s talent pool. In other words, you have people like myself who have been in the industry for multiple decades, and then you have up-and-comers — the oldest group of up-and-comers right now is in their early fifties.

The challenge of relying on an older workforce is that it presents the unpredictability of retirement within this age group. According to a report by the U.S. Bureau of Labor , the participation rate for workers aged 65 to 74 will grow to 30.2% in 2026 — compared with 17.5% in 1996.